Home Market Market Watch Market Outlook 6/22/12 with Gary Wilehlmi

Market Outlook 6/22/12 with Gary Wilehlmi

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6-22 12 AM Comment

 

Financial

Moody’s downgrades ratings of five major banks

Dow has second worst day of the year off 250 points

German consumer index the lowest in two years

Italyconsumer confidence weakens

EU summit next event at the end of the month

Fed proved to be out of ammo after lukewarm defensive FOMC assessment

Bottom picking firms Spanish stocks

Crude up $.41 in light covering ahead of weekend

Crude at $78.60 down from $108 in April

Dollar looks pretty good compared with European currencies and is at resistance at 82.42

DAX down .8%

FTSE off 1%

Gold up $3 at $1568

 

Livestock

Cash cattle coming down to eleventh hour bid at $116 and offered at $121

COF expected to feature sharply higher placements

Boxed beef soften

Cattle kill 506,000 v 510,000 last week

Pork cutout at $98.46 on carcass was up $1.44 with loin’s $.47 higher, hams $3.13 better and bellies bounced $1.95

Hog kill thus far 1,577,000 v 1,573,000

Hogs and pork at key resistance

Generally rising feed costs hit the meats

 

Grain and soybeans

Senate passes farm bill with well publicized reforms

Dollar at 82/40 resistance hand cuffs exports

Mid range scalping by loosey goosey specs

Western Corn Beltrains scattered once east of the river

Plantings and stocks report at end of month

Quarterly Stocks are often where revisions of past errors are made so watch out

Corn and bean supplies are extremely tight so we need over 3 billion beans and 14 billion corn

No survey estimate of crops until August so fasten your seat belt for a bumpy ride

Watch dryness inRussia,Eastern Europeand northernChina